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Jenter, Dirk; Lewellen, Katharina - 2011

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

Persistent link: https://www.econbiz.de/10010280635

Foreign Ownership and Skillbiased Technological Change

Koch, Michael - 2019

We conduct an empirical investigation into the effects of foreign ownership on worker skills using firm-level data from Spain. To control for endogeneity bias due to selection into foreign ownership, we combine a difference-in-differences approach with a propensity score weighting estimator. Our...

Persistent link: https://www.econbiz.de/10012892251

Mavericks, Universal, and Common Owners - the Largest Shareholders of U.S. Public Firms

Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin - 2022

We construct a novel data set to show that, between 2003-2020, up to one-fifth of America’s largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of “universal” and...

Persistent link: https://www.econbiz.de/10014077008

Corporate Acquisitions and Firm-Level Uncertainty : Domestic versus Cross-Border Deals

Bai, Ye - 2020

-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …

Persistent link: https://www.econbiz.de/10012841927

Distressed Acquisitions : Evidence from European Emerging Markets

Iwasaki, Ichiro; Kočenda, Evžen; Shida, Yoshisada - 2021

We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality...

Persistent link: https://www.econbiz.de/10013231968

Multiproduct Mergers and the Product Mix in Domestic and Foreign Markets

Chan, Jackie M.L; Irlacher, Michael; Koch, Michael - 2022

This paper investigates the effects of mergers on the product mix of multiproduct firms. Thus, we open the black box of post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal mergers in a theoretical model where oligopolistic...

Persistent link: https://www.econbiz.de/10013290783

Optimal delegation when the large shareholder has multiple tasks

Graziano, Clara; Luporini, Annalisa - 2010

We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project choice. Optimality would require a large ownership...

Persistent link: https://www.econbiz.de/10010270637

Corporate governance reforms, interlocking directorship networks and company value in Italy (1998-2007)

Drago, Carlo; Millo, Francesco; Ricciuti, Roberto; … - 2011

In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking...

Persistent link: https://www.econbiz.de/10010274726

How weak is the weakest-link principle? : On the measurement of firm owners' control rights

Weichenrieder, Alfons J.; Edwards, Jeremy S. S. - 2004

The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners? control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...

Persistent link: https://www.econbiz.de/10010261241

Ownership concentration, monitoring and optimal board structure

Graziano, Clara; Luporini, Annalisa - 2005

The paper analyzes the optimal structure of the board of directors in a firm with a large shareholder sitting on the board. In a one-tier structure the sole board performs all tasks, while in a two-tier structure the management board is in charge of project selection and the supervisory board is...

Persistent link: https://www.econbiz.de/10010261334

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